[ANN] FoldingCoin - MINE FOR MEDICINE- PHASE 2.0

[FBSoulMan]

coin looks promising soon ll add in skype n start folding

Welcome my son, welcome to the machine.

Folders: 112 (387)
24 hr. Credits: 12,115,586
Credits: 1,085,811,736

No one still accepting me on skype... any other alternative?

Hi Taxmanmt5 FLDC Lead Dev James here, what is your Skype? I'm on now, my Skype is FBSoulMan, send me a request and I'll accept.

[FoldingCoin]

coin looks promising soon ll add in skype n start folding

Hello! What is your skype username?

And email is great to get in touch with us as well:

rross@foldingcoin.net
jsewell@foldingcoin.net

[FoldingCoin]

they are probably sleeping..
did you go through the tutorials, open counterparty wallet, folding ?

no bro m new to it.. need some guidance

http://foldingcoin.net/video-tutorials/

they made some good tutorial and videos
the LTB forum is only optional
start with setting up a counterparty wallet account, and then run folding@home client

Here is the email from MasterXchange:

Hello Robert,

I can understand the concerns.

We are currently unable to process any counterparty related asset withdrawals because our counterpartyd keeps crashing for various reasons.

There is a long and uninteresting discussion of bugs on counterparty.slack.com

Let me reassure you of one thing :

- There is no security issue, we have all the private keys, we are just unable to run the counterparty daemon

Regards,

Emilien


I was able to withdrawal BTC from their site just as and fyi, so you could sell your FLDC for BTC then move it out, or wait for them to figure the new Counterpartyd out, but they are being responsive to me which is good news

[chaoman]

how is this different from cure coin?

[FoldingCoin]

how is this different from cure coin?

The following are features that give Counterparty tokens advantages over a traditional Altcoin. We have also included a rebuttal that could be used to each feature in defense of Altcoins for transparency purposes. You can find the disadvantages in the next section with rebuttals on the cons in favor of Counterparty as well.


Advantages over Altcoins

• BTC miners hash the blocks for the transactions. This provides a strong foundation of security, based on cryptographic computations on the largest distributed computing platform currently in operation.
  • REBUTTAL - Since Counterparty is using the Bitcoin blockchain, no new innovative ideas such as lower transaction times are incorporated in the blockchain. Unless Bitcoin is to update current concerns with its blockchain, Counterpartys blockchain runs just as Bitcoin currently does.

• Asset issuance can be locked by the Counterparty protocol ensuring that even the asset owner can’t introduce more of the token into the market. FLDC was created as a locked asset.
  
  • REBUTTAL - Even with the “locked” asset feature, it is still possible for the owner of the token to take control with bad intentions to steal the undistributed tokens once they become valuable.

• As Bitcoin and Counterparty developers innovate, assets evolve with them. Since Counterparty is open source, developers from all different aspects of the community create new and innovative ideas to be applied to Counterparty. When Counterparty or outside developers create applications for Counterparty, all assets are compatible automatically. Most Altcoins have to develop their own apps since they have a separate blockchain. And most Altcoins do not have a high enough interest for outside developers to create applications for them.
  • REBUTTAL - Unlike tokens, Altcoins have the unique ability to incorporate new innovative features such as faster block times directly upon release. Even though Counterparty is an application built on Bitcoin, it is still limited to the rules that the Bitcoin network has.

• No mining is required for Counterparty assets. Token creation and transfer can be verified by third party sites such as Blockscan.com. For the FLDC asset, this is available at http://blockscan.com/assetInfo/FLDC
  • REBUTTAL - Although no energy is used to hash a blockchain, the verification system depends on the security and coding efforts put forth by the Counterparty team. Since Counterparty is simply an application, it could have a potential bug that could affect the Counterparty network including things such as double spending.

• There is no exposure to a 51% attack unless it happens to the Bitcoin network itself.
  • REBUTTAL - Some new Altcoins coming out have implemented a Proof of Stake concept in which the attacker would need 51% of the total coins in existence in order to potentially harm the network. This is much more unlikely than simply having 51% of the total mining power of a network that the Proof of Work concept uses.

• Counterparty assets automatically get security and GUI updates as the Bitcoin and Counterparty developers release them, due to the common Bitcoin blockchain. Due to this, the asset owner can focus on adoption, distribution, applications, and economy of the coin, and not the source code of the coin itself.
  • REBUTTAL - There doesn't seem to be a downside to this particular concern, as the Counterparty team has more funding than almost all Altcoins and they spend the time to review the code related to Counterparty.

Disadvantages of Counterparty over traditional Altcoins

• Every asset payment to a recipient requires 0.00006 BTC in order to be included on the Blockchain when using the LTB asset distributor for distributing to multiple addresses. If sending a single transaction in Counterwallet, it will cost the current miner fee in addition to 0.000078 BTC. With large numbers of recipients, the BTC costs could be an obstacle.
  • REBUTTAL - That fee could potentially be lowered depending on Counterparty’s willingness to change their code. It could also depend on the blockchain accepting micro transactions. The current fear is that miners would reject a satoshi transaction if Counterparty assets only get sent in a single satoshi.

• Assets on the Counterparty network may be considered “fully pre-mined” since a decentralized blockchain is not continuing to issue new tokens. Non-locked assets can have more tokens be created at the discretion of the asset owner, instead of creating and locking all tokens at once. This still causes the issue of potential mass creation of tokens once the token obtains real value.
  • REBUTTAL - With Counterparty there is no current way of doing decentralized asset creation and issuance. Although you lose the benefit of token creation from hashing a blockchain, you gain the fact that the blockchain is not developed by a underfunded dev team, but rather Counterparty, a multimillion dollar operation; and Bitcoin, a multibillion dollar operation.

• The undistributed tokens are in control of the development team. This causes the following concerns:
  
  
  
  • If the development team decides to use the undistributed funds for inappropriate purposes, the option is there for them to do so.
    
    • REBUTTAL - FoldingCoin Inc. is fully compliant with US law and has incorporated as an Indiana non-profit company. This imposes certain accountability obligations on the organization. The sole beneficiary of all assets if there is ever a dissolution is Stanford University’s Folding@home project.
  
  
  
  • The undistributed tokens are only as secure as the development team makes them. If the development team lacks in security of the private keys, the funds could be hacked.
    
    • REBUTTAL - FoldingCoin Inc. takes security of the undistributed tokens very seriously. The team has all but 1 weeks worth of distribution in a paper wallet and changes that paper wallet once per week once another weeks worth of funds are needed. We also have the FLDC funds to cover the amount of FLDC that could potentially be stolen from the distribution address. The creation of the paper wallets is as follows:
      
      • Ubuntu computer that is “air-gapped” to generate the cold storage
      • USB dummy printer connected via USB only with no network capabilities
      • BIP38 wallet encrypted
    • In case of the issue if one dev is unavailable in anyway, we have comodo secured encryption emails that the BIP38 private keys are sent to the select main developers. The password to the key is only communicated via voice call so that way even IF the email is unsecured, only the trusted Devs have the password to unlock the wallet.

• The coin must be distributed by the dev team. Should the dev team lose interest in continuing the project, the token could die.
  • REBUTTAL - By the end of the calendar year we wish to establish a board of directors who are dedicated to the mission. We do not just want to select random developers from the internet either, we also need medical professionals on this board that understand protein folding and see the value in something like FoldingCoin Inc. to be in existence. This is one of the main reasons as to why we wished to incorporate. Now that we are an incorporated non profit, we now have some accountability that has been added to us.

• Automating the distribution must still be done partially done manually. With applications like the LTB distribution system, only one transaction of the total amount of tokens to be distributed needs to be sent to this address, then the server sends the appropriate amount of tokens to the designated addresses, but a dev must still be responsible for sending the first transaction to the distribution server.
  • REBUTTAL - Sadly there is no rebuttal for this argument currently. Since Counterparty rides inside of Bitcoin, there is no current way for a decentralized distribution.

[SalimNagamato]

another record ?
13075974 f@h points 

[FoldingCoin]

another record ?
13075974 f@h points 

Yes it is I am staying up to pay early again today, im so excited lately i just cant seem to sleep

[Jonesd]

another record ?
13075974 f@h points 

Yes it is I am staying up to pay early again today, im so excited lately i just cant seem to sleep

It is rapidly increasing indeed!

[pinkie31]

hello if ive only entered a countrparty address only will i get folding coin?       


6d. Basic Folding – This is the original folding format and is still supported today. This format strictly requires your Counterwallet address ONLY. The other limitation to this is you MUST be on team 226728. You cannot be on other teams and do this format. Your donor name should be modeled as such:

“CounterwalletAddress”      this is the set up i choose. do i still get folding coin?

You must be on team 226728 though doing this format, so make sure you do not forget this

ok first tried folding 0n team 226728 but got zero,  tried entering name-fdlc-counterparty wallet with new key , joined a team and still nothing???    saying all went to team?? how do you find info on teams and what are the benifits. 
Sorry if causing confusion am a noob at this folding.

[pinkie31]

followed tutorial step by step,, but there no info on teams and what differnce they make??

[Jonesd]

hello if ive only entered a countrparty address only will i get folding coin?        


6d. Basic Folding – This is the original folding format and is still supported today. This format strictly requires your Counterwallet address ONLY. The other limitation to this is you MUST be on team 226728. You cannot be on other teams and do this format. Your donor name should be modeled as such:

“CounterwalletAddress”      this is the set up i choose. do i still get folding coin?

You must be on team 226728 though doing this format, so make sure you do not forget this

ok first tried folding 0n team 226728 but got zero,  tried entering name-fdlc-counterparty wallet with new key , joined a team and still nothing???    saying all went to team?? how do you find info on teams and what are the benifits.  
Sorry if causing confusion am a noob at this folding.

Great to see new people!

On a daily basis it is calculated how much you contributed and you will get the coins in your counterwallet. Once you start folding, you will get awarded points for the amount of packages you have folded. Just be patient

[FoldingCoin]

hello if ive only entered a countrparty address only will i get folding coin?       


6d. Basic Folding – This is the original folding format and is still supported today. This format strictly requires your Counterwallet address ONLY. The other limitation to this is you MUST be on team 226728. You cannot be on other teams and do this format. Your donor name should be modeled as such:

“CounterwalletAddress”      this is the set up i choose. do i still get folding coin?

You must be on team 226728 though doing this format, so make sure you do not forget this

ok first tried folding 0n team 226728 but got zero,  tried entering name-fdlc-counterparty wallet with new key , joined a team and still nothing???    saying all went to team?? how do you find info on teams and what are the benifits. 
Sorry if causing confusion am a noob at this folding.

Make sure you use "name_FLDC_counterparty" no dashes. I would love a screen shot of what you have going on, can you post one? Also think about following this guide https://www.youtube.com/watch?v=YQZ3hxEn6kE

[taxmanmt5]

added FBSoulMan n waiting on skype

[FoldingCoin]

followed tutorial step by step,, but there no info on teams and what differnce they make??

The teams is something that Stanford setup along time ago to allow participants to fold together to compete with other teams. This also was a way for people to fold with friends/family/communities. For example:

A big team out there is team 33 - [H]ardOCP and they are actually a community from a forum posting website http://hardforum.com/

Being on a team allows them to see how much their community brings to FAH. There is no actual benefit for being on a team other than that really, its just a fun addition to folding Thats actually why James created the code to allow anyone on any team, because in this folding world it is much different than the mining world people LOVE THEIR TEAMS! Remember, many folders have been folding for a decade and a lot of them do not have interest in crypto as many of them see it as a waste of computational power. Thats one of the reasons we love FLDC, because it shows folders you can contribute good work at the same time of earning a crypto.

To get an idea, you should really take the time to read this thread that i was involved in  http://hardforum.com/showthread.php?t=1840249

It is very long, but a fantastic read for understanding how the folding community is towards crypto

[Jonesd]

So how much will be distributed and when?

With the halving of the coin reward every 1000 days, I took it upon myself to get a bit of an idea of where we are distribution-wise and what we can expect.

This is the current halving schedule:

TOKENS WILL BE DISTRIBUTED ACCORDING TO A HALF-LIFE SCHEDULE
Once 500,000,000 FLDC are distributed, change the daily distribution to 250,000 FLDC
Once 750,000,000 FLDC are distributed, change the daily distribution to 125,000 FLDC
Once 875,000,000 FLDC are distributed, change the daily distribution to 62,500 FLDC
Once 937,500,000 FLDC are distributed, change the daily distribution to 31,250 FLDC
Once 968,750,000 FLDC are distributed, change the daily distribution to 15,625 FLDC
And so on…

Calculating all these numbers, I found the important halving moments and can also give an estimation of the current available amount: 105,000,000

You get the following distribution for the upcoming ten years:



The 1 billion will never be reached as it will keep halving.

I might have made some miscalculations, but it should be pretty close to the actual numbers.

[SalimNagamato]

so who will distribute when we are old ? our kids ?
or maybe in a few years there will be off-the-shelf cure for cancer, and no folding will be needed ?

[Jonesd]

so who will distribute when we are old ? our kids ?
or maybe in a few years there will be off-the-shelf cure for cancer, and no folding will be needed ?

We all know diseases are gone in ten years and all work is done by robots in twenty.

[SalimNagamato]

so who will distribute when we are old ? our kids ?
or maybe in a few years there will be off-the-shelf cure for cancer, and no folding will be needed ?

We all know diseases are gone in ten years and all work is done by robots in twenty.

yeah and when i was kid i though i'll get to work on a hover-board
still have a car which barely starts when its too cold

[FoldingCoin]

so who will distribute when we are old ? our kids ?
or maybe in a few years there will be off-the-shelf cure for cancer, and no folding will be needed ?

We all know diseases are gone in ten years and all work is done by robots in twenty.

yeah and when i was kid i though i'll get to work on a hover-board
still have a car which barely starts when its too cold

We hope to have a board of directors and a much larger organization by the end of the year. So distributions will continue on with new developers in years to come

[FoldingCoin]

So how much will be distributed and when?

With the halving of the coin reward every 1000 days, I took it upon myself to get a bit of an idea of where we are distribution-wise and what we can expect.

This is the current halving schedule:

TOKENS WILL BE DISTRIBUTED ACCORDING TO A HALF-LIFE SCHEDULE
Once 500,000,000 FLDC are distributed, change the daily distribution to 250,000 FLDC
Once 750,000,000 FLDC are distributed, change the daily distribution to 125,000 FLDC
Once 875,000,000 FLDC are distributed, change the daily distribution to 62,500 FLDC
Once 937,500,000 FLDC are distributed, change the daily distribution to 31,250 FLDC
Once 968,750,000 FLDC are distributed, change the daily distribution to 15,625 FLDC
And so on…

Calculating all these numbers, I found the important halving moments and can also give an estimation of the current available amount: 105,000,000

You get the following distribution for the upcoming ten years:



The 1 billion will never be reached as it will keep halving.

I might have made some miscalculations, but it should be pretty close to the actual numbers.

This is fantastic! Could you change the dates on this easily? You are off by 2 days, March 17th is the halfing. I would love to post this